HONG KONG, Nov. 15, 2019 (GLOBE NEWSWIRE) -- “OLISOL Petroleum Limited” (hereinafter - "Olisol" or the "Company") provides up-to-date information on the lawsuit concerning the TethysAralGas ("TAG") dispute, and the legality of pledging TAG assets.
The decision of the Supreme Court of Kazakhstan
Olisol informs the Shareholders, on October 14, 2019 the Supreme Court of the Republic of Kazakhstan refused TAG to review the decision of the Specialized Inter-District Court of Almaty dated December 10, 2018 and the decision of the Judicial Chamber for Civil Cases of the Almaty City Court of March 6, 2019 regarding the legality of the pledged assets agreements of TAG. Thereby, the Supreme Court of Kazakhstan left unchanged its decision in favor of DSFK. The pledged assets agreements of TAG to DSFK recognized to be legal.
About Olisol
Olisol is headquartered in Almaty, Kazakhstan. Its subsidiaries and affiliates have investments in energy and oil and gas activities in the Russian Federation and Kazakhstan. Olisol has worked with Tethys in Kazakhstan for more than 10 years and together with Tethys the Company owns Aral Oil Terminal and has its own oil truck fleet involved in automobile oil transportation from the oil fields of Tethys. Through its affiliates, Olisol is engaged in railroad transportation, processing of oil, storage and sale of oil products. Legal proceedings between Olisol and Tethys have started in 2016. In October 2018, Olisol and Tethys tried to resolve the conflict and signed a Memorandum on the resumption of joint work. Further, they had to sign the Settlement Agreement, on which the parties had worked until August of the current year. The Settlement Agreement has not yet been signed, as it was unreasonably rejected by the Chairman of the Board of Directors of Tethys.
Disclaimer
Some of the statements in this press release are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officials, including the statements of further litigation and the ability of Olisol and Tethys to find an acceptable option for future cooperation. When used in this document words such as “expects”, “believes”, “assumes”, “plans”, “may”, “will”, “intends”, “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements, including risks and uncertainties regarding the foregoing.
Authorized Point of Contact:
- Olisol Petroleum Limited
info@olisol.ch